Broadstone Net Lease, Inc. (NYSE: BNL – Get Rating) declared a quarterly dividend on Thursday, May 5, reports The Wall Street Journal. Shareholders of record on Thursday, June 30 will receive a dividend of 0.27 per share on Friday, July 15. This represents an annualized dividend of $1.08 and a yield of 5.45%. The ex-date of this dividend is Wednesday, June 29. This is a positive change from Broadstone Net Lease’s previous quarterly dividend of $0.27.
Broadstone Net Lease has a dividend payout ratio of 175.4%, which means the company cannot currently cover its dividend with earnings alone and relies on its balance sheet to cover its dividend payments. Stock analysts expect Broadstone Net Lease to earn $1.50 per share next year, meaning the company should continue to be able to cover its $1.00 annual dividend with a ratio of expected future payout of 66.7%.
BNL shares opened at $19.82 on Friday. Broadstone Net Lease has a one-year minimum of $19.53 and a one-year maximum of $28.00. The company has a market capitalization of $3.24 billion, a P/E ratio of 29.58 and a beta of 1.06. The company has a 50-day simple moving average of $21.55 and a two-hundred-day simple moving average of $23.41.
Broadstone Net Lease (NYSE: BNL – Get Rating) last reported quarterly results on Tuesday, May 3. The company reported earnings per share (EPS) of $0.16 for the quarter, beating the consensus estimate of $0.15 by $0.01. Broadstone Net Lease posted a net margin of 27.15% and a return on equity of 3.92%. In the same quarter of the previous year, the company had earned earnings per share of $0.31. Stock analysts expect Broadstone Net Lease to post 1.45 earnings per share for the current year.
In other Broadstone Net Lease news, SVP Laurier J. Lessard, Jr. sold 2,500 shares of Broadstone Net Lease in a trade that took place on Thursday, March 10. The stock was sold at an average price of $21.20, for a total value of $53,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. Additionally, SVP Roderick Pickney sold 4,000 shares of Broadstone Net Lease in a transaction that took place on Tuesday, March 1. The stock was sold at an average price of $21.50, for a total value of $86,000.00. The disclosure of this sale can be found here. Insiders own 0.84% of the shares of the company.
A number of hedge funds have recently changed their BNL holdings. BlackRock Inc. increased its stake in Broadstone Net Lease by 14.2% in the fourth quarter. BlackRock Inc. now owns 14,260,821 shares of the company worth $353,953,000 after purchasing an additional 1,772,235 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Broadstone Net Lease by 36.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 797,809 shares of the company worth $19,802,000 after purchasing an additional 214,757 shares last quarter. Morgan Stanley increased its stake in Broadstone Net Lease by 107.6% in the second quarter. Morgan Stanley now owns 348,031 shares of the company worth $8,148,000 after buying an additional 180,357 shares last quarter. DE Shaw & Co. Inc. increased its stake in Broadstone Net Lease by 205.1% in the fourth quarter. DE Shaw & Co. Inc. now owns 188,985 shares of the company worth $4,691,000 after purchasing an additional 127,053 shares last quarter. Finally, Cubist Systematic Strategies LLC increased its stake in Broadstone Net Lease by 114.4% in the fourth quarter. Cubist Systematic Strategies LLC now owns 71,812 shares of the company worth $1,782,000 after purchasing an additional 38,322 shares in the last quarter. Institutional investors and hedge funds hold 78.66% of the company’s shares.
Separately, Zacks Investment Research upgraded shares of Broadstone Net Lease from a “sell” rating to a “hold” rating in a report on Wednesday, April 20. According to MarketBeat, Broadstone Net Lease has a consensus rating of “Hold” and a consensus target price of $25.40.
About Broadstone Net Lease (Get a rating)
BNL is an internally managed REIT that primarily acquires, owns and manages single-tenant commercial real estate that is net leased on a long-term basis to a diverse group of tenants. The Company employs an investment strategy supported by strong fundamental credit analysis and prudent real estate underwriting.
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